Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 81121 

28Regulation NMS, 70 FR at 37498–99. 

29 15 U.S.C. 78s(b)(3)(A). 30 17 CFR 200.30–3(a)(12). 

individual stocks for all types of orders, 

large and small.’’ 28

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow and new potential 

DMM units to the Exchange. The 

Exchange believes that the proposed 

changes, including the DMM rebate that 

would continue to incentivize smaller 

DMM units to quote at the NBBO more 

frequently, would continue to 

incentivize market participants to direct 

order flow to the Exchange. Greater 

liquidity benefits all market participants 

on the Exchange by providing more 

execution opportunities on the 

Exchange and encourages member 

organizations to send orders, thereby 

contributing to robust levels of liquidity, 

which benefits all market participants 

on the Exchange. The proposed fees and 

rebate would be available to all 

similarly-situated market participants, 

and, as such, the proposed changes 

would not impose a disparate burden on 

competition among market participants 

on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and with offexchange venues. Because competitors 

are free to modify their own fees and 

credits in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 29 of the Act and paragraph 

(f) thereunder. At any time within 60 

days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSE–2023–41 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NYSE–2023–41. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSE–2023–41 and should be 

submitted on or before December 12, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25666 Filed 11–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–574, OMB Control No. 

3235–0648] 

Proposed Collection; Comment 

Request; Extension: Rule 498 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 498 (17 CFR 230.498) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) (‘‘Securities Act’’) permits openend management investment companies 

(‘‘funds’’) to satisfy their prospectus 

delivery obligations under the Securities 

Act by sending or giving key 

information directly to investors in the 

form of a summary prospectus 

(‘‘Summary Prospectus’’) and providing 

the statutory prospectus on a website. 

Upon an investor’s request, funds are 

also required to send the statutory 

prospectus to the investor. In addition, 

under rule 498, a fund that relies on the 

rule to meet its statutory prospectus 

delivery obligations must make 

available, free of charge, the fund’s 

current Summary Prospectus, statutory 

prospectus, statement of additional 

information, and most recent annual 

and semi-annual reports to shareholders 

at the website address specified in the 

required Summary Prospectus legend 

(17 CFR 270.498(e)(1)). A Summary 

Prospectus that complies with rule 498 

is deemed to be a prospectus that is 

authorized under Section 10(b) of the 

Securities Act and Section 24(g) of the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.). 

The purpose of rule 498 is to enable 

a fund to provide investors with a 


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81122 Federal Register / Vol. 88, No. 223 / Tuesday, November 21, 2023 / Notices 

1 0.5 hours per fund + 1 hour per fund = 1.5 hours 

per fund. 2 1.5 hours per fund × 11,241 funds = 16,862 

hours. 3 $21,400 per fund × 11,241 funds = 

$240,557,400. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Exchange withdrew SR–ISE–2023–25 on 

November 7, 2023 and replaced it with the instant 

filing. 

4See ISE–2023–24 (not yet noticed). Currently, 

XND Options trade on Phlx. 

5 Id. The Exchange notes that similar features are 

available with other index options contracts listed 

on the Exchange, including P.M. settled options on 

the full value of the Nasdaq-100 Index (‘‘NDXP’’). 

6Nasdaq Phlx LLC (‘‘Phlx’’) lists XND today and 

excludes XND from a variety of its pricing 

programs. See Phlx’s Pricing Schedule at Options 

7. 

Summary Prospectus containing key 

information necessary to evaluate an 

investment in the fund. Unlike many 

other federal information collections, 

which are primarily for the use and 

benefit of the collecting agency, this 

information collection is primarily for 

the use and benefit of investors. The 

information filed with the Commission 

also permits the verification of 

compliance with securities law 

requirements and assures the public 

availability and dissemination of the 

information. 

Based on an analysis of fund filings, 

the Commission estimates that 

approximately 11,241 funds are using a 

Summary Prospectus. The Commission 

estimates that the annual hourly burden 

per fund associated with the 

compilation of the information required 

on the cover page or the beginning of 

the Summary Prospectus is 0.5 hours, 

and estimates that the annual hourly 

burden per fund to comply with the 

website posting requirement is 

approximately 1 hour, requiring a total 

of 1.5 hours per fund per year.1 Thus the 

total annual hour burden associated 

with these requirements of the rule is 

approximately 16,862.2 The 

Commission estimates that the annual 

cost burden is approximately $21,400 

per fund, for a total annual cost burden 

of approximately $240,557,400.3

Estimates of average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Under rule 498, use of the Summary 

Prospectus is voluntary, but the rule’s 

requirements regarding provision of the 

statutory prospectus upon investor 

request are mandatory for funds that 

elect to send or give a Summary 

Prospectus in reliance upon rule 498. 

The information provided under rule 

498 will not be kept confidential. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a currently valid OMB control 

number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by January 22, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 16, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25723 Filed 11–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98952; File No. SR–ISE– 

2023–27] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Adopt Pricing for 

Index Options on the Nasdaq 100 

Micro Index 

November 15, 2023. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

7, 2023, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, and II, 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Pricing Schedule at Options 

7 to adopt pricing for index options on 

the Nasdaq 100 Micro Index.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange recently filed an 

immediately effective rule change to list 

index options on the Nasdaq 100 Micro 

Index (‘‘XND’’) on ISE.4 XND will be 

same in all respects as the current 

Nasdaq 100 Index options contract 

(‘‘NDX’’) listed on the Exchange, except 

it will be based on 1/100th of the value 

of Nasdaq 100 Index, and will be P.M.- 

settled with an exercise settlement value 

based on the closing index value of 

Nasdaq 100 Index on the day of 

expiration.5

The Exchange now proposes to amend 

its Pricing Schedule to adopt pricing for 

XND. By way of background, certain 

proprietary products such as NDX, 

NDXP and the Nasdaq 100 Reduced 

Value Index (‘‘NQX’’) are commonly 

excluded from a variety of fee 

programs.6 The Exchange notes that the 

reason for such exclusion is because the 

Exchange has expended considerable 

resources developing and maintaining 

its proprietary products. Similar to 

NDX, NDXP, and NQX, XND is a 


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